We all know tax evasion is a crime but tax avoidance is not, but for following so we need to have some knowledge about the deduction we can get from the tax when and how, and today we will be discussing about the one of the deduction related to the #moving expenses to avoid tax obligation. This is really important for the people who are planning to shift to a new place for a job purpose, because they can take advantage of such deduction now, only few of us know that there is some deduction related to the moving expenses from tax is available to us, but you don’t have to worry anymore because I am here to help you.
If you want to enjoy the deduction related to the moving expenditure for your #move in #Bangalore, then hiring a #reliable and authorized #packing and #moving company in Bangalore is really essential because you know we need some proof to show that we actually incurred these expenses. If you are searching for reliable and professional moving company for your household relocation in Bangalore then you will be happy to know that I am going to tell you the one today. #Packers and #movers #Bangalore are from top notch moving companies and also approved by IBA because of its brilliant performance. Packers and movers Bangalore team is highly competent and have all kind of relocation assets so to make your work effective and efficient, even they are from leading companies Packers and Movers Bangalore charges are reasonable and fordable that’s why they are also entitle as #cheap and #best packers and movers in Bangalore by their customers. Beside #household #relocation #services in #Bangalore, they also provide #office #relocation #services in #Bangalore, #insurances #services in #Bangalore, #warehousing and storage facility in #Bangalore, #pet and #plant #relocation #services etc and all these for #local, #domestic and #international #move.
How to prevent tax obligation by packers and movers Bangalore:
In order to meet with the requirement for availing such deduction you must need to meet with all these three requirements that are:
- You meet conditions of the distance test.
- You meet condition of the time test.
- Your relocation in Bangalore is related to the job.
Above was the brief description, now shall we see its conditions so you understand how they are applying to you and to your relocation in Bangalore
Moving expenses related to your job:
If you want enjoy the deduction of moving expenses then your move should be related to change for the purpose of job.
Meaning of time test:
This is related to the time period within which you should start working for the purpose you have relocated. For enjoying the tax deduction you must report to your new office within the one year of moving from #Bangalore, it doesn’t mean you, require to have work in place there before you move its mean’s only begin with your job within the period of 1 year. If do not begin then you cannot take advantage of tax deduction related to your moving expenses.
You must be employed for 39 weeks in the 12 months from your 12 months from the relocation from Bangalore. Your work should be full time and it’s not important to work with the same employer and not to work for consecutive 39 weeks. If you are self employed then the time period for such is at least 78 weeks rather than 39 weeks during the 24 month from the period of relocation, and the job must be full time.
Meaning of distance test:
If you want to enjoy the tax deduction then your new place of working should be at least 50 miles away from the Bangalore from the previous place of residence, yes your Residence not your place of employment.
List of expenses for which you can take deduction are:
- Lodging cost from Bangalore.
- Moving cost of your Household goods and other personal goods from Bangalore.
- Cost of shipping your vehicle from Bangalore.
- Cost of relocation your pet from Bangalore.
- Cost of storage of your household goods.
- Cost of disconnecting and connecting utilities.
- Cost of packing and transporting in Bangalore.
- Cost of moving each member of your household.
List of expenses which are not available for deduction are:
- Purchase price of your new home.
- Vehicle registration.
- Your new driver license.
- Security deposits.
- Additional cost for terminating the previous lease.
- Expense related to buying a new home.
- Loss on terminating club membership.
Keep these points in mind and enjoy the deduction of moving expenses and unburden your stress of relocation by taking the help of #Packers and #Movers in #Bangalore.